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ASX 200 morning report – TLS, NEA & UWL shares in focus

The S&P/ASX 200 (ASX: XJO) is now down just 1.7% in 2022 after gaining 0.7% on Tuesday and comes despite a backdrop of war, inflation and rising interest rates.

The consumer-facing sectors were among the most popular ahead of the Federal Budget, with consumer discretionary and technology leading the way, gaining 2.1% and 3.3% respectively.

Block Inc (ASX: SQ2) gained another 6.8% with Xero Limited (ASX: XRO) also rebounding, buoyed by a budget that will reward small businesses for technology investments.

Materials and energy fall, Magellan jumps

The materials and energy sectors were the only detractors, down 0.5% and 0.2%, respectively, as the threat of demand destruction hits the oil and commodity prices.

Crown Resorts Ltd (ASX: CWN) shares remained muted, up 0.9%, as private equity group Blackstone received approval from the Foreign Investment Review Board (FIRB) for their takeover of the group; a number of approvals still remain.

Shares in Rio Tinto Limited (ASX: RIO) fell another 1.4% as Shanghai lockdowns worsened and the company confirmed it had finalised the $825 million purchase of Rincon, as it seeks to expand operations in the battery materials and lithium sectors.

Meanwhile, fund manager Magellan Financial Group Ltd (ASX: MFG) gained 7% as a number of key underlying holdings, including Alibaba (NYSE: BABA), continue to rally.

Telstra restructure confirmed

Telstra Corporation Ltd (ASX: TLS) shares reversed course, gaining 1.6%, after management finally confirmed it was making progress on a long-awaited structural separation, with Telstra Group to control four individual underlying entities as previously flagged. The transfer will be completed internally but open opportunities for more asset sales and corporate activity.

Nearmap share price soars

Shares in Nearmap Ltd (ASX: NEA) remain volatile, this time gaining 16% after management upgraded guidance. The company now expects annual contracted revenue (ACV) to exceed $150 million this year after gaining its largest government contract in the US.

Morrison ups Uniti bid

Shares in Uniti Group Ltd (ASX: UWL) fell 1.7% despite Morrison & Co upping their bid for the company to $5 per share. The sell-off was due to the granting of an exclusivity clause that all but removed the competitive bidder Macquarie from the process.

Elsewhere, Australian retail sales saw the second-highest monthly dollar spend on record, doubling forecasts of 0.9% growth in February and jumping 9.1% on this time last year.

ASX 200 today

Looking ahead, the ASX 200 is heading towards another positive open this morning after all three US stock markets pushed higher overnight. To find out more, check out my US stock market report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

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Disclosure: At the time of publishing, Drew owns shares in Magellan and Alibaba.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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